Technology

EQT AB (publ) Half-year Report 2024

Published

2 years ago

July 18, 2024

STOCKHOLM, July 18, 2024 /PRNewswire/ — Well positioned as markets improve

“In the first half of 2024, EQT successfully closed several fundraisings, despite a challenging environment. We launched new strategies and further strengthened our private wealth platform. Investment activity continued at a good pace across strategies, and we are actively pursuing realizations, building on our strong track record of providing liquidity for our clients,” Christian Sinding, CEO and Managing Partner.

Highlights for the period Jan-Jun 2024 (Jan-Jun 2023)

Financial

During the period, management fees increased due to closed out fundraising commitments, while carried interest was lower due to lower volumes of closed realizations. Adjusted margins increased due to higher FAUM, operational efficiency and scaling effectsAdjusted Total Revenue amounted to EUR ‌1,088‌m (EUR ‌‌1,019‌m), an increase of ‌7%‌. Reported Total Revenue* amounted to EUR ‌‌‌1,232‌m (EUR ‌‌1,115‌m). Management fees increased by ‌‌13%‌Adjusted Carried Interest and Investment Income amounted to EUR ‌41‌m (EUR ‌‌‌‌89‌m). Reported Carried Interest and Investment Income* amounted to EUR ‌‌‌184‌m (EUR ‌‌‌185‌m)Adjusted EBITDA amounted to EUR ‌‌609‌m (EUR ‌‌‌555‌m), corresponding to an Adjusted EBITDA margin of ‌‌56%‌ (‌‌54%‌). Reported EBITDA* amounted to EUR ‌562‌m (EUR ‌‌‌‌‌405‌m), corresponding to a Reported EBITDA margin* of ‌‌‌‌46%‌ (‌‌‌‌36%‌)Adjusted Fee-related EBITDA amounted to EUR ‌‌‌568‌m (EUR ‌‌‌‌466‌m), corresponding to an Adjusted Fee-related EBITDA margin of ‌‌‌54%‌ (‌‌‌50%‌)Adjusted Net Income from continuing operations amounted to EUR ‌‌500‌m (EUR ‌‌‌‌450‌m). Reported Net Income from continuing operations* amounted to EUR ‌‌‌282‌m (EUR ‌‌‌120‌m)Adjusted Earnings Per Share for continuing operations before and after dilution amounted to EUR ‌‌0.422‌ (EUR ‌‌‌0.379‌) and EUR ‌‌0.422‌ (EUR ‌‌0.379‌), respectively. Earnings Per Share for continuing operations* before and after dilution amounted to EUR ‌0.238‌ (EUR ‌‌‌‌‌‌0.101‌) and EUR ‌‌‌‌‌0.238‌ (EUR ‌‌‌‌‌0.101‌), respectively

* As of January 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods
Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section “Alternative performance measures”

Strategic

EQT X closed at EUR 22bn in total commitments, of which EUR 21.7bn are fee-generating assets under management, hitting the hard cap. EQT’s Private Capital strategies across the world have completed fundraises in 2024 that combine to more than EUR 26bn in total commitmentsEQT hosted a Capital Markets Day, re-confirming its revenue growth and Adjusted EBITDA margin targets, providing further color on its Adjusted Fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basisPreparations progressed for BPEA IX and for a transition infrastructure strategyEQT continued to enhance its focus on the Private Wealth area through senior team hires, branding efforts, the addition of further EQT Nexus distribution banks, and preparations for new products in different geographiesEQT continued to elevate its Capital Markets team across debt and equity, adding further focus on exit and IPO excellence

Fundraising

FAUM increased to EUR ‌133‌bn (EUR ‌‌126‌bn). Total AUM was EUR ‌246‌bn (EUR ‌‌‌224‌bn). Gross inflows amounted to EUR ‌‌7‌bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VIFundraisings are generally taking longer in the current fundraising environment, and we expect the fundraising market to meaningfully improve only once realizations pick up materially across private marketsEQT Infrastructure VI had fee-generating commitments of EUR 16.2bn. Active fundraising efforts are expected to materially conclude in 2024. The fund is expected to reach its target size upon final closeEQT Future1 closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6bnBPEA EQT Mid Market Growth1 held its final close at more than double the fund’s target size, with USD 1.6bn in total fund commitments, of which USD 1.4bn is fee-generatingEQT launched EQT Healthcare Growth, a dedicated healthcare buyout fund, which has announced two investments to dateEQT Nexus’ NAV amounted to approximately EUR 700m, and EQRT, EQT’s semi-liquid strategy focusing on direct investments in commercial real estate, announced its first acquisition and initiated marketing in a slow real estate fundraising market

1.EQT Future and BPEA EQT Mid Market Growth charge management fees on invested capital

Investment and exit activity2

Total investments by the EQT funds during the period amounted to EUR ‌12‌bn (EUR ‌‌9‌bn) driven by strong deal flow across regions and strategiesInvestments include the partnership with EdgeConneX to develop hyperscale data centers in APAC; the public to private tender of OX2; fiber-to-the-home platform Lumos (EQT Infrastructure VI); the public to private tender of Believe, the largest independent digital-native music label globally; Avetta, a leading cloud-based supply chain risk management software platform (EQT X); and the public to private tender of Perficient, a leading global digital consultancy (BPEA VIII)Total gross fund exits announced during the period amounted to EUR ‌4‌bn (EUR ‌‌‌4‌bn)Exits include the sale of idealista, a leading real estate platform in Southern Europe (EQT IX), Ottobock, the global leader in wearable human bionics (EQT VII); fiber-to-the-home platform Lumos (EQT Infrastructure III); CMS Info Systems, India’s largest cash management company (BPEA VI); and Shinhan Financial Group, the largest financial group in Korea (BPEA VII)Galderma (EQT VIII), a leader in dermatology, priced its IPO on the SIX Swiss Exchange, and Waystar (EQT VIII), a cloud-based provider of software for simplifying healthcare payments, began trading on the Nasdaq stock exchange; both IPOs saw the company raise primary capital, while EQT VIII retained its ownership with the liquidity benefit of having publicly traded shares, paving the way for realizations over time

2.Signed transactions, if not otherwise mentioned

Investment performance

All key funds continued to perform On plan or Above planValue creation across the Key EQT funds amounted to 5% during the period, driven by earnings growthThe key funds in EQT Infrastructure, and more recent vintages across both Private Capital EU & North America and Private Capital Asia saw the strongest performanceIn certain earlier Private Capital vintages, which have a significant share of already realized investments, fund valuations were modestly lower due to specific pockets of underperformanceEQT’s Capital Markets team took advantage of strong financing markets to optimize portfolio company debt by further extending maturities, improving covenants, and reducing interest expenses. The EQT key fund portfolio companies have no material maturities before 2027

Balance sheet, realization of carried interest and liquidity

At 30 June 2024, interest bearing liabilities amounted to EUR ‌1,994‌m. Cash and cash equivalents amounted to EUR ‌‌806‌m. EQT’s EUR 1.5bn sustainability-linked revolving credit facility was undrawn and the facility was extended in July 2024 with a tenor of
5 years with two 1-year extension options. Net Debt (ND) amounted to EUR ‌1,194‌m. ND/Adjusted EBITDA was ‌‌‌0.9x‌ and ND/Adjusted Fee-related EBITDA ‌‌1.0x‌, both on a last twelve-month basis**Reported Carried Interest* amounted to EUR ‌‌164‌m (EUR ‌168‌m). Adjusted Carried Interest amounted to EUR ‌‌‌‌21‌m (EUR ‌‌‌72‌m). Realized (cash) carried interest amounted to EUR ‌‌‌19‌m (EUR ‌‌84‌m)As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT’s equity incentive programs. EQT repurchased 2.2m shares during the period and a second buyback program will be carried out between 19 July 2024 and 23 August 2024 and comprises 2.0m shares

* As of January 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods
** Net debt end of period divided by Adjusted EBITDA during the last twelve months
Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section ‘Alternative performance measures’

People and future-proofing

Richa Goswami joined the EQT AB Board, bringing experience and expert knowledge in building consumer facing financial brandsThe number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,861‌ (‌‌1,814‌), of which ‌1,796‌ (‌‌‌1,716‌) FTEsMasoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT’s Executive CommitteeSince committing to the Science Based Targets initiative in 2021, EQT has supported 44 portfolio companies in setting science-based targets, of which 12 completed the validation during the period. In terms of invested capital, this represents a portfolio coverage of 57% as of Q1 (surpassing EQT’s interim target of 40% in 2025). With a continuously evolving portfolio, a further 21 companies are in the process of setting targets

Other

EQT won six awards in the 2023 PEI Group Awards, including Infrastructure Investor’s ‘Global Sustainable Investor of the Year’ for the second consecutive year, and New Private Markets’ ‘Multi-Strategy Firm of the Year (ESG)’. EQT was also recognized in the 2024 Prequin League Tables as one of the ‘Most Consistent Top Performing Infrastructure Fund Managers’, and for the third year in a row, EQT was ranked in the top 3 in the PEI300 list3The acquisition of HDFC Credila (BPEA VII) was awarded the 2024 Private Equity Deal of the Year in the Mint India Investment Summit AwardsEQT established offices in Warsaw, Poland and Bengaluru, India. The Warsaw office is expected to become a significant tech development hub for EQT, host global operations functions, and other teams over time. The Bengaluru office will host junior investment advisory professionals, working alongside EQT’s global investment advisory teams

3.The PEI 300 measures the amount of private equity capital raised between 1 January 2019 and 31 December 2023

Events after the reporting period

BPEA VIII announced the public-to-private of Keywords Studios, a leader in gaming technology servicesEQT Future announced its investment in Flix, a global travel company focused on long-distance ground transportationIn addition to EQT’s current A- (Stable) rating from Fitch, EQT obtained an A- (Stable) rating from S&P, underscoring EQT’s operational strength and robust financial positionInvestment levels in EQT Key funds as of 18 July 2024, were 35-40% in EQT X, 40-45% in EQT Infrastructure VI and 65-70% in BPEA VIII

Presentation of EQT AB’s Half-year Report 2024

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, shareholderrelations@eqtpartners.com

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CEST on 18 July 2024.

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EQT AB Half-year report 2024 (20240717)

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Technology

Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

Published

23 minutes ago

July 25, 2026

Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities

… The initiative to support Korea’s Physical AI industry through an open ecosystem

The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region

SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.

The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.

At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.

“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung

Accelerating the Transition to a Physical AI Solution Company

Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.

A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.

Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.

By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.

Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.

Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level

During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.

“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung

The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.

Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.

Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:

World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.

In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.

Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.

Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders

Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.

“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung

NVIDIA – Advancing Physical AI infrastructure and talent development

Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.

In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.

Waymo – Strengthening autonomous driving collaboration

Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.

Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.

Google DeepMind – Accelerating next-generation humanoid robotics

Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.

Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.

Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future

Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.

“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung

Key initiatives to build an open ecosystem for robotics and AI innovation include:

Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.

The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries.

Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.

Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:

Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure.

In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.

Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.

Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom

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SOURCE Hyundai Motor Company

Technology

Tencent Brings Together AI and Games to Help Preserve and Share Cultural Heritage of New UNESCO Site in Jingdezhen

Published

1 hour ago

July 25, 2026

Tencent applies AI and games to protect, reconstruct, and promote one of the world’s oldest porcelain traditions at newly inscribed UNESCO siteDigital initiatives create a new model for technology-driven heritage preservation globally using a multimodal AI dataset, AI-assisted artifact restoration, and interactive virtual experiences

SHENZHEN, China, July 25, 2026 /PRNewswire/ — Tencent (00700.HK) today announced the launch of Digital Jingdezhen: Porcelain Craft Adventure, an AI-powered cultural heritage game that enables users to explore Jingdezhen’s porcelain-making traditions and experience traditional craft techniques through interactive play. The launch coincides with the inscription of the Jingdezhen Handicraft Porcelain Industry Sites on the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage List.

Digital Jingdezhen is part of a broader cultural innovation initiative that applies Tencent’s AI and game technologies. Guided by Tencent’s vision of “Tech for Good”, the initiative leverages digital preservation to keep Jingdezhen’s thousand-year-old porcelain culture alive and relevant today, creating a living heritage with sustainable value and broad public engagement, and building a model that could be carried to heritage sites around the world.

Digital Preservation: Restoring and Unlocking Heritage with AI

Jingdezhen has a thousand years of living heritage; centuries of tradition are still active in its kilns today. To preserve this legacy, a cornerstone of the project was the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset.

Over decades, historical records, heritage information, and craft specifications have accumulated into a massive volume of data. Tencent applied Optical Character Recognition (OCR), Natural Language Processing (NLP), and knowledge graph technologies to transform these dispersed materials into structured digital resources that can be analyzed, extracted, verified, and traced back to their original sources.

The dataset contains more than 30,000 documentary records, over 5,000 ceramic gene specimens, and data on nearly 1,000 representative ceramic artifacts in collections worldwide. It provides a digital foundation for cultural research, exhibition development, public interpretation and AI-powered heritage applications.

Building on this foundation, Tencent has developed a range of industry- and public-facing applications, including the Jingdezhen Ancient Ceramics Gene Database, the World Ceramics Interactive Map, and the Digital Jingdezhen AI Companion, providing researchers, heritage professionals, and the public with innovative AI-powered tools to explore and understand porcelain heritage.

Digital Activation: Bringing Jingdezhen’s Porcelain Heritage to Life Through AI and Games

To bring the public closer to Jingdezhen and its porcelain-making traditions, Digital Jingdezhen: Porcelain Craft Adventure utilizes AI-assisted Procedural Content Generation (PCG) to create the first large-scale digital recreation of the city’s five major porcelain heritage sites and historical production scenes. By rapidly mapping out town layouts and automatically generating architectural structures, decorative elements, and pedestrians, the technology brings Jingdezhen’s historic townscape back to life in the digital world.

The game also features high-quality AI digital humans built on large language models and the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset. Through AI voice-driven facial expressions and Tencent Games’ proprietary animation technology, it creates warm, human-centered interactive experiences that make historical knowledge tangible and relatable. At the same time, AI-powered 3D generation allows users to quickly transform an uploaded image into a 3D porcelain form, lowering the barrier to participation and enabling anyone to turn creative inspiration into tangible ceramic forms in the digital space.

Continuing Heritage: Mobilizing the Community

Ensuring the longevity of Jingdezhen’s legacy requires active public participation. Tencent developed the Digital Heritage Guardian (Jingdezhen), a volunteer program built within the Weixin ecosystem. The program enables the public to support the upkeep and stewardship of physical heritage sites, creating a practical channel for community involvement in heritage protection.

“Our work in Jingdezhen is a testament to how ‘AI for Good’ can breathe new life into ancient traditions,” said Zhan Shu, Head of Digital Culture Lab, Tencent. “Working alongside dedicated heritage experts, we have contributed our capabilities in AI and digital technologies to unlock decades of dormant archives for this incredible new UNESCO site. We are proud to help bridge the gap between the thousand-year porcelain heritage and the digital era, creating new ways for the global public to connect with Jingdezhen’s living history, and a model for heritage sites worldwide.”

For media queries, please contact: gc@tencent.com

About Tencent

Tencent is a global technology and entertainment company focused on creating connections and experiences that matter. Founded in 1998, Tencent is driven by its mission to create “Value for Users” and apply “Tech for Good.”

Tencent’s communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also develops and publishes some of the world’s most popular video games and other high-quality digital content, delivering rich and immersive interactive entertainment experiences. Tencent also offers a range of services such as cloud computing and other enterprise services to support our clients’ digital transformation and business growth. Headquartered in Shenzhen, Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

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SOURCE Tencent